Trade tensions drag down local stocks for sixth straight day

Viet Nam’s benchmark VN-Index fell for a sixth trading day in a row as caution and worries about the US-China trade talks continued to cast a shadow over the market.

The VN-Index on the Ho Chi Minh Stock Exchange lost 0.44 per cent to end at 947.01 points for a total six-day decline of 3.33 per cent since April 26.

Thursday marked the longest losing streak for the VN-Index since the beginning of the year.

Market sentiment continued to be weighed down by the escalation of trade tensions between the US and China.

China has warned it would have respond accordingly if the US government follows through with its plan to raise tariffs on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent on Friday.

“The VN-Index is withstanding pressure from both domestic and international markets," MB Securities JSC (MBS) wrote in its daily report. "Foreign capital continued flowing out and investors are clearly worrying about a bad outcome at the Washington talks this week."

Foreign investors net-sold VND96 billion on the HoSE, focusing on property firms Dat Xanh (DXG) and Vinhomes (VHM), Bank for Investment and Development of Vietnam (BID) and PetroVietnam Gas (GAS).

On Wednesday, net foreign selling totalled VND88.4 billion.

GAS and VHM were two of the 15 large-cap stocks in the VN30 basket – which tracks the performance of the 30 largest stocks by market capitalisation – that declined on the day.

Trade tensions drag down local stocks for sixth straight day

Viet Nam’s benchmark VN-Index fell for a sixth trading day in a row as caution and worries about the US-China trade talks continued to cast a shadow over the market.

The VN-Index on the Ho Chi Minh Stock Exchange lost 0.44 per cent to end at 947.01 points for a total six-day decline of 3.33 per cent since April 26.

Thursday marked the longest losing streak for the VN-Index since the beginning of the year.

Market sentiment continued to be weighed down by the escalation of trade tensions between the US and China.

China has warned it would have respond accordingly if the US government follows through with its plan to raise tariffs on US$200 billion worth of Chinese goods from 10 per cent to 25 per cent on Friday.

“The VN-Index is withstanding pressure from both domestic and international markets," MB Securities JSC (MBS) wrote in its daily report. "Foreign capital continued flowing out and investors are clearly worrying about a bad outcome at the Washington talks this week."

Foreign investors net-sold VND96 billion on the HoSE, focusing on property firms Dat Xanh (DXG) and Vinhomes (VHM), Bank for Investment and Development of Vietnam (BID) and PetroVietnam Gas (GAS).

On Wednesday, net foreign selling totalled VND88.4 billion.

GAS and VHM were two of the 15 large-cap stocks in the VN30 basket – which tracks the performance of the 30 largest stocks by market capitalisation – that declined on the day.